Businesses have until next Wednesday 12 March to comply with two new sets of privacy obligations under the Privacy Amendment (Enhancing Privacy Protection) Act 2012 (Cth).

Businesses that don’t comply can be penalised with fines of up to $1.7 million for companies and $340,000 for individuals.

The first set of obligations deal with how businesses manage personal information. The obligations are imposed on businesses with an annual turnover of more than $3 million. Click here to read our legal alert on the personal information obligations.

The second set of obligations deal with how businesses manage credit information. The obligations are imposed on businesses if they supply to individuals on credit or defer payment for goods or services for at least seven days (irrespective of turnover).